Emergency Affordable Housing Act of 2020
Latest action · Jun 25, 2020 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 25, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Emergency Affordable Housing Act of 2020
This bill enhances provisions of the low-income housing tax credit and adjusts the credit to provide assistance during the COVID-19 (i.e., coronavirus disease 2019) pandemic.
Specifically, the bill
- increases to three years (currently, two years) following an allocation of housing credits, the period for making rehabilitation expenditures for a low-income housing tax credit project;
- extends to three years the period during which a project may be placed in service and remain eligible for the credit;
- reduces for a two-year period the financing percentage for an affordable housing project from 50% to 25%;
- establishes a 4% minimum credit rate for affordable housing projects that received a housing credit allocation after 2019;
- makes permanent the expansion of the 9% housing tax credit;
- increases the credit for low-income housing tax credit buildings that designate at least 20% of their occupied units for extremely low-income households;
- increases the credit during a specified temporary period to compensate for construction or leasing delays due to the COVID-19 pandemic; and
- allows a credit for low-income housing supportive services.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Jun 25, 2020 to Aug 12, 2020, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Benjamin L. Cardin | Original | Jun 25, 2020 |
| D-WA | Maria Cantwell | Original | Jun 25, 2020 |
| D-CO | Michael F. Bennet | Original | Jun 25, 2020 |
| D-NJ | Robert Menendez | Aug 12, 2020 | |
| D-OH | Sherrod Brown | Aug 12, 2020 |
Actions 2
Everything that happened, newest first.
- Jun 25, 2020Introduced in Senate
- Jun 25, 2020Read twice and referred to the Committee on Finance.
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2 | Moving Forward Act | Related bill | Jul 20, 2020 |
| S 1956 | Save Affordable Housing Act of 2019 | Related bill | Jun 25, 2019 |
| HR 3479 | Save Affordable Housing Act of 2019 | Related bill | Jun 25, 2019 |
| HR 7351 | Opportunity Starts At Home Act | Related bill | Jun 25, 2020 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Building construction
- Cardiovascular and respiratory health
- Economic development
- Emergency medical services and trauma care
- Employment and training programs
- Income tax credits
- Income tax exclusion
- Indian social and development programs
- Infectious and parasitic diseases
- Inflation and prices
- Landlord and tenant
- Low- and moderate-income housing
- Mental health
- Residential rehabilitation and home repair
- Rural conditions and development
- Securities
- State and local finance
- State and local government operations
- Taxation
Text 1
Each version as it was printed, newest first.
- Jun 25, 2020Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
